7 ways for stay-at-home mums to be financially secure: Get insured, boost your CPF and other helpful tips
One of the biggest mistakes stay-at-home mums make is being completely hands-off with finances. With the help of finance experts, CNA Women has these simple tips to master your finances and secure your future.
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You have hit “pause” on your career to be a stay-at-home mother and focus on raising your kids. But just because you are not earning an income does not mean you should wash your hands off finances altogether.
A common mistake many stay-at-home mums make: They think they don’t need to bother about family finances because their husband is the sole breadwinner, said Dinah Poehlmann, a finance coach at her own consultancy, Your Finance Mind.
“If the breadwinner loses their job, faces a health crisis or the couple divorces, the financial stability of the family can be jeopardised,” added Karen Tang, a certified financial planner and senior wealth management consultant at Infinity Financial Advisory.
In a divorce, stay-at-home mums from low-income families may struggle to even afford basic necessities or find alternative housing arrangements after being cut off financially, said Kaylee Kua, executive director of Daughters Of Tomorrow, a non-profit organisation supporting underprivileged women.
